Sina (SINA) reported after hours. Revenue rose 10% to $51.3 million. Income from operations was up modestly to $7.5 million. Both numbers were off sharply from the immediately previous quarter.
Sina is one of China’s top online media company and mobile value-added service firms. It’s in China for crying out loud, and in the internet business. It is hard to believe the revenue is not up by 2x. While advertising was up 43% over the same quarter last year, mobile service revenue fell. The company is moving away from this market due to rising costs.
But, the markets are impatient. Sina closed at $36.17, very near its 52-week high and up nearly 25% over the last six months. But, taking the slow growth to China will not help the share price.
Douglas A. McIntrye
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